BEAT egg whites and milk in large bowl with wire whisk until well blended. Add baking mix and cereal; stir just until moistened.

MELT 1-1/2 tsp. of the margarine on griddle. Using 1/4 cup of the batter for each pancake, cook on hot griddle until bubbles form on top. Turn to brown other side. Repeat with remaining margarine and batter.